President’s Corner

Our RiskStream Explores Educational Series on Multiparty Usage of AI in Insurance has been a phenomenal success, advancing industry learning and growth related to an emerging technology. We are grateful for all the speakers who have participated and were willing to share their expertise. As technology continues to shape the digitization of insurance, RiskStream remains committed to equipping our members with emerging knowledge they need to adapt and excel.

RiskStream is gearing up to announce our Year End Awards winners. Please stay tuned for an announcement in December regarding our Leadership, Innovation, and Collaboration awards for organizations who displayed excellence in these areas. We are thankful to these and all of our members for their contributions and commitment to the consortium’s mission.

In addition to all the great work across various lines of business and sectors of insurance, we recently held an industry-wide Commercial Property Summit/Roundtable discussion. This Summit addressed the ever-changing needs of the commercial property sector and as we move into 2024, the group will continue to collaborate towards a use case that will best suite the needs of the industry. Please stay tuned for next steps and further information regarding this great initiative.

In addition to the accomplishments during this quarter, I wanted to highlight all the great work the consortium has accomplished over the year:

• RAPID X pilot: The pilot program for RAPID X is showing tremendous potential, and we can't wait to share the results.

• Expansion of RAPID X suite of products: RAPID X has evolved, offering more tools and solutions to address the dynamic needs of our industry, including efforts related to a universal third-party claims portal and auto claims fraud detection.

• Surety: We've made significant strides in the surety space, creating a plan to move the two proof-of-concepts towards a pilot stage.

• dRe Lifecycle Application: We’ve been grateful for all the fantastic feedback related to our latest product, dRe, which went to production over the summer and won Insurance Insider’s Underwriting Innovation of the Year award.

• 1035 Exchange POC completed: We've successfully completed the 1035 POC project, streamlining processes and increasing efficiency within our association.

A heartfelt thank you goes out to our members and advisory committees/chairs. Your strategic guidance has been vital to RiskStream’s progress.

As we look ahead to the next year, we're excited to give you a glimpse of what's to come.

• Fraud: Tackling auto claims fraud will be a top priority in early 2024. We aim to enhance the RAPID X solution by working collaboratively with the industry to bring a confidential computing component to assist with claims fraud in the personal (or commercial) auto sector to protect both our industry and our members.

• Art & Specie: We plan to kick off our art and specie conditional reporting initiative to address multi-party business process challenges and potential solutions in the sector.

• RAPID X: Our flagship product, RAPID X, will continue to evolve, with new features and enhancements. Our members are excited about the recent progress made and the future of adoption for the RAPID X solution.

• Governance: We are exploring hosting our advisory board and sector-specific advisory committees for an in-person event early spring 2024. We will keep you in the loop as we obtain further information on the potential for that.

Exciting times lie ahead for RiskStream and the insurance industry. With your continued support, we will overcome challenges, embrace opportunities, and shape a brighter future for all. Thank you for being a part of this remarkable journey.